TradeMe goes public to the tune of $363m

The floating of TradeMe has drawn support from a diverse range of investors but now it's back to business.

The floating of TradeMe has drawn support from a diverse range of investors but now it's back to business.

TradeMe is now a standalone company publicly
listed on both the NZSX and ASX under the ticker TME after the completion of its IPO, which raised $363.5 million.

Trading in Trade Me shares began yesterday at
12pm.

TradeMe
chairman David Kirk said there was strong support
from a wide range of institutional and retail investors, according to Fairfax media.

Chief executive Jon Macdonald said of the 134.6 million shares, about 55 percent went to
individual New Zealand investors, 20 percent to New Zealand
institutional investors and the rest to institutions in Australia.

He said being publicly listed would not change TradeMe's focus on providing "safe and trusted marketplaces for Kiwis to buy and sell", however.

TradeMe shares closed at $2.90, up 20 cents from the $2.70 issue price.

Idealog has been covering the most interesting people, businesses and issues from the fields of innovation, design, technology and urban development for over 12 years. And we're asking for your support so we can keep telling those stories, inspire more entrepreneurs to start their own businesses and keep pushing New Zealand forward. Give over $5 a month and you will not only be supporting New Zealand innovation, but you’ll also receive a print subscription and a copy of the new book by David Downs and Dr. Michelle Dickinson, No. 8 Recharged (while stocks last).